A deal has been made to fund $7 billion worth of important projects, including the reconstruction of the Gabba and a new Brisbane Arena.

The state government and Commonwealth reached an agreement on a funding split of around 50:50 in the statement that followed months of discussions.

The $2.7 billion renovation of the Gabba is the most important project. The site, which will be used as the main Olympic stadium, has been the main source of contention in the discussions and will be mostly supported by the Queensland state government.

The Gabba will be fully destroyed and replaced with a top-notch stadium with a seating capacity of 50,000. A busy traffic route connecting it to the city and South Bank will be included. To make room for the renovation, the nearby school, which is classified as a historical site, will close.

The long-anticipated 17,000-seat Brisbane Arena has received approval. The new indoor sports and entertainment stadium, which is to be constructed above Roma Street Station for a price of $2.5 billion, is anticipated to be funded by the federal government.

The remaining $2 billion will be used to construct a few smaller facilities and renovate a few already-existing venues, such as the Sunshine Coast Stadium precinct. Eight current venues will receive modifications, and work will be done to build six new ones, according to the proposal from Brisbane.

The importance of making sure every dollar spent on this project has a lasting impact not only on Brisbane or Queensland but on the entire country was emphasised by Prime Minister Anthony Albanese, who was in Brisbane on Friday to sign the agreement with Queensland Premier Annastacia Palaszczuk.

The Olympics in 2032 would be the biggest event ever hosted in Queensland, he predicted.

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As we approach 2032, the Australian government has sought to secure infrastructure projects that will have a long-term and profound impact on Queensland.

Completely rebuilding the Gabba is less expensive than attempting to bring it up to a really accessible, modern standard, given the difficulty of developing on a confined site.

The new Gabba will have a pedestrian walkway connecting it to the new Cross River Rail station and the upcoming Metro station via a bridge over Main Street, making it one of the most accessible stadiums in the nation and enhancing accessibility for people with all levels of mobility.

The reconstruction will meet the city’s long-term needs for professional sports, community, and entertainment before and after 2032. The present Stadium is nearing the end of its useful life.

After December 2025, East Brisbane State School won’t be permitted to stay in its existing location. The community will now be consulted on a number of options, including moving the school to new facilities at a nearby location.

The announcement comes after the Queensland and Australian governments reached a funding agreement that will see a $7 billion or more infrastructure program and the cost of implementing the Brisbane 2032 Master Plan shared.

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